Yes, I did watch it (though I was not in religious silence during the whole 1h and 20 mins). It is exactly the tight integration of email and instant messaging that makes me wonder if I really want to do both at the same time (though they should both be assets in a conversation, agreed). Having a unique platform for collaboration and messaging could be heaven or could be hell.
Instead of moving to a whole new platform which can’t connect with people who do not use it (as I understand to use Wave you need to have a “Wave” account), I would prefer to move in that direction with the tools everyone already has (emails, IMs, document sharing, etc.) and integrate those in a unique database, on the internet or on my local machine. This way I could, for example, communicate by good old email with my supplier and then have Outlook sort out all the replies into one single message including phone calls, IMs, attachments, etc.
That sad, I think Wave is very brilliant.